News Brief
CBIC Introduces System-Based Auto-Approval For IFSC Code Registration To Enhance Ease Of Doing Business And Facilitate Exports
Representative image. (Unsplash/helloquence)
To simplify trade procedures and improve efficiency, the Central Board of Indirect Taxes and Customs (CBIC) has introduced system-based auto-approval for the registration of IFSC codes linked to exporter bank accounts.
The initiative is designed to streamline processes and reduce manual intervention at multiple Customs locations.
Under the new system, if an Incentive Bank Account and IFSC code combination has already been approved at one port for a particular Importer Exporter Code (IEC), the system will automatically approve the same registration at other Customs locations.
This eliminates the need for manual approval by port officers, thereby speeding up the process and reducing duplication of efforts.
The initiative is expected to deliver multiple benefits, including swift processing of bank account and IFSC code approvals, simplified registration across multiple ports, faster credit of export incentives directly into exporters’ bank accounts, and overall enhanced trade efficiency.
However, requests for registering incentive-linked bank accounts previously required separate approvals at each port, leading to delays and pendency, particularly when the same bank details were being registered at multiple locations.
CBIC emphasised that this digital intervention is part of its continued commitment to leveraging technology to simplify procedures, reduce transaction costs, and enhance the ease of doing business for India’s trade community.
By automating the approval process, exporters can now expect a smoother, faster, and more seamless experience, ensuring that export-related benefits reach their designated accounts without unnecessary delays.
